G7 or Group of Seven is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
G7 was formed after the 1973 oil crisis when six major industrialised countries from around the world came together to discuss the global economy.
It was earlier known as G6.
In 1976, Canada joined the group, which henceforth became known as the G7.
Russia joined in 1998 making it G8.
French President Valery Giscard s'Estaing and Chancellor Helmut Schmidt came up with the idea of this forum.
The first meeting was held at the Chateau de Rambouillet, 50 kilometres south-west of Paris in 1975.
The heads of government and states came up together to discuss the oil shock, recession and global crisis.
A 15-point communique or report was released.
According to the Declaration of Rambouillet, the nations agreed to meet in future once a year, under a rotating Presidency
G7 also invited the European community for the 1977 summit.
The president of the European Council also attends the summit meetings
Following the Russian annexation (or, invasion) of Crimea, the G7 nations decided in March 2014 to meet without Russia until further notice. The G7 nations decided to not include Russia and attend G8 summits until a reasonable environment is created once again.
The 44th summit of G7 is scheduled to be held in Canadaon June 8 and 9,2018
G7 was formed after the 1973 oil crisis when six major industrialised countries from around the world came together to discuss the global economy.
It was earlier known as G6.
In 1976, Canada joined the group, which henceforth became known as the G7.
Russia joined in 1998 making it G8.
French President Valery Giscard s'Estaing and Chancellor Helmut Schmidt came up with the idea of this forum.
The first meeting was held at the Chateau de Rambouillet, 50 kilometres south-west of Paris in 1975.
The heads of government and states came up together to discuss the oil shock, recession and global crisis.
A 15-point communique or report was released.
According to the Declaration of Rambouillet, the nations agreed to meet in future once a year, under a rotating Presidency
G7 also invited the European community for the 1977 summit.
The president of the European Council also attends the summit meetings
Following the Russian annexation (or, invasion) of Crimea, the G7 nations decided in March 2014 to meet without Russia until further notice. The G7 nations decided to not include Russia and attend G8 summits until a reasonable environment is created once again.
The 44th summit of G7 is scheduled to be held in Canadaon June 8 and 9,2018
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